Have you thought about digital estate planning for your social media and online banking accounts?
What is digital estate planning?
We think about wills and trusts, but digital estate planning is an important thing to consider in the event you happen to die. Many people manage their finances, business, and personal lives online, but very few have organized or centralized those accounts.
What are digital assets?
Any information or data that is stored electronically, whether stored online, in the cloud, or on a physical device can be a digital asset. Specific examples include online accounts, such as email, social media, shopping accounts, photo and video sharing, online storage accounts, and websites and blogs that you may manage. There is significant value in being able to access the online components of these accounts.
What to do with digital assets?
You should start by writing down all of social media, email and online banking user names and passwords and share this information with your family and/or an estate-planning attorney. Make sure this trustee or executor places the information in safe and secure location, such as a safe or locked cabinet.
How does having a digital estate plan help your family?
By creating a digital estate plan, you can help your family more easily locate any accounts you have online; access those accounts and the information in those accounts; determine if your digital property has any financial value; and to avoid online identity theft.
Contact Craig Dell Attorneys Today to Speak with a Utah Estate Planning Lawyer
Whether you are just starting your estate plan or have an existing estate plan that you would like to review and update, you should enlist the assistance of an experienced estate planning attorney. To schedule a consultation with a lawyer, call our office today at 801-783-2515 or contact us online.